Initiator Pharma A/S (STO:INIT)

Initiator Pharma Balance Sheet

Financials in millions DKK. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Equivalents	26.25	13.37	24.34	39.11	34.35
Cash & Short-Term Investments	26.25	13.37	24.34	39.11	34.35
Cash Growth	96.28%	-45.06%	-37.78%	13.88%	154.34%
Other Receivables	3.33	2.45	5.43	7.21	4.13
Receivables	3.33	2.45	5.43	7.21	4.13
Prepaid Expenses	3.38	-	-	2.01	15.23
Total Current Assets	32.96	15.82	29.77	48.33	53.7
Other Long-Term Assets	0.02	0.02	0.02	0.02	-
Total Assets	32.97	15.84	29.79	48.35	53.7
Accounts Payable	0.86	0.37	0.41	0.8	4.8
Accrued Expenses	1.01	0.49	2.53	-	-
Other Current Liabilities	-0.59	0.2	0.25	0.94	0.62
Total Current Liabilities	1.28	1.05	3.19	1.75	5.42
Long-Term Debt	2.15	-	15.44	12.58	13.29
Total Liabilities	3.43	1.05	18.62	14.32	18.71
Common Stock	7.19	5.9	5.51	5.5	4.6
Retained Earnings	22.36	8.89	5.65	28.53	30.4
Shareholders' Equity	29.55	14.78	11.16	34.02	34.99
Total Liabilities & Equity	32.97	15.84	29.79	48.35	53.7
Total Debt	2.15	-	15.44	12.58	13.29
Net Cash (Debt)	24.1	13.37	8.9	26.54	21.06
Net Cash Growth	80.21%	50.25%	-66.46%	26.02%	55.92%
Net Cash Per Share	0.39	0.23	0.17	0.55	0.60
Filing Date Shares Outstanding	68.45	56.16	52.47	52.36	43.77
Total Common Shares Outstanding	68.45	56.16	52.47	52.36	43.77
Working Capital	31.68	14.77	26.58	46.58	48.28
Book Value Per Share	0.43	0.26	0.21	0.65	0.80
Tangible Book Value	29.55	14.78	11.16	34.02	34.99
Tangible Book Value Per Share	0.43	0.26	0.21	0.65	0.80

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.